Gold, silver rally when buying bargains, friendly foreign markets

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(Kitco News) – Gold and silver futures prices are trading high in the United States midday trading on Monday, as some bargain purchases were introduced to start trading week after both metals suffered significant losses last week. Some chart-based purchases were also presented today, as the short-term technical postures for both metals have improved somewhat. April gold futures rose $ 19.70 to $ 1,832.80 and the March Comex silver rose $ 0.536 to $ 27.555 an ounce.

Global stock markets were up overnight, with Asian stock indexes close to record highs. US stock indexes are higher at midday, reaching record levels again. The trader’s and investor’s attitudes remain “at risk” to start the trading week. “The slowdown in coronavirus infections, the continued release of vaccines and the anticipation of President Biden’s $ 1.9 trillion bailout package are keeping the bull market well and truly alive,” said a broker in a morning email dispatch. . U.S. Treasury Secretary Janet Yellen said on Sunday that the US economy could have full employment in 2022 if Congress passes the proposed stimulus package.

In other news, Bitcoin prices against the U.S. dollar are much higher and reached a new record above $ 42,000 on Monday. BC bulls had a positive electric shock when it was announced that Tesla invested $ 1.5 billion in Bitcoin and that the electric vehicle maker will incorporate Bitcoin into its operations. Gold and silver prices may also have been driven by the rise of Bitcoin, due to the notions that Bitcoin’s growing popularity could erode the strong status of the US dollar worldwide.

The main “foreign markets” today see the US dollar index slightly weaker, after reaching a two-month high at the end of last week. The dollar is still trending upwards and many of the other major currencies are trending downwards in short term prices now. Meanwhile, Nymex oil futures prices are higher, reached a 13-month high today and are trading at around $ 58.00 a barrel. Brent crude futures rose above the $ 60.00 level overnight. The yield on the 10-year United States Treasury benchmark note is 1.195%, a post-pandemic high.

Technically, gold futures in April still have the slight overall short-term technical advantage. Prices are on a four-week bearish trend on the daily bar chart. The Bulls’ next bullish price target is to produce a close above the solid resistance at $ 1,878.90. The bears’ next short-term low price objective is to push future prices below solid technical support at the November low of $ 1,771.30. The first resistance is seen at today’s high of $ 1,840.60 and then at $ 1,850.00. The first support is seen at today’s low of $ 1,807.30 and then at $ 1,800.00. Wyckoff market rating: 4.5

Bulls in the silver futures market in March still have a general short-term technical advantage and are working to restart an upward price trend on the daily chart. The next bullish price target for silver bulls is to close prices above solid technical resistance at the February high of $ 30.25 an ounce. The bears’ next downside price target is closing prices below solid support at $ 25.00. The first resistance is seen at today’s high of $ 27.695 and then at $ 28.00. The next support is seen at $ 27.00 and then $ 26.50. Wyckoff’s market rating: 6.0.

March copper in NY closed up 395 points to 366.65 cents today. Prices closed close to today’s session high. Copper bulls have a solid general short-term technical advantage and have regained their momentum. The next bullish price target for copper bulls is to push and close prices above solid technical resistance at the January high of 373.40 cents. The next bearish price target for bears is closing prices below solid technical support at 350.00 cents. The first resistance is seen at today’s high of 367.45 cents and then at 370.00 cents. The first support is seen at today’s low of 362.25 cents and then at 360.00 cents. Wyckoff’s market rating: 7.0.